INCOME TAXES

12 Months Ended

Jun. 30, 2025

INCOME TAXES

INCOME TAXES

NOTE 7 - INCOME TAXES:

As of June 30, 2025, the Company had federal and state net operating loss carryforwards of approximately $20,752,040 of which approximately $654,734 may be utilized to offset future taxable income. Section 382 of the Internal Revenue Code imposes substantial restrictions on the utilization of net operating loss and tax credit carryforwards when a change in ownership occurs. No deferred tax assets have been recorded because it is considered unlikely that they will be realized. The loss carryforwards will expire during the fiscal years ended June 30 as follows:

Year	Amount
2025	$	-
Total	$	-

The overall effective tax rate differs from the federal statutory tax rate of 21% due to operating losses and other deferred assets not providing benefit for income tax purposes.

A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows at June 30, 2025 and 2024:

	2025			2024
United States Statutory Income Tax Rate		21	%		21	%
Increase (Decrease) in rate on income subject to Danish income tax rates		1	%		1	%
Decrease in rate resulting from Non-Deductible expenses		-			-
Income Tax Expense		22	%		22	%

F-12

The components of income tax expense (benefit) from continuing operations for the years ended June 30, 2025 and 2024 consisted of the following:

Current Tax Expense	2025		2024
Danish Income Tax Expense (Benefit)	$	9,985	$	9,184
Federal US Income Tax Expense (Benefit)
Current		-		-
Deferred		-		-
Total Income Tax Expense	$	9,985	$	9,184

Deferred income tax expense/ (benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.

The Company had deferred tax income tax assets as of June 30, 2025 and 2024 as follows:

	2025			2024
Net operating loss carryforwards	$	4,357,467		$	4,365,302
Valuation allowance		(4,357,467	)		(4,365,302	)
Total net deferred tax assets	$	-		$	-

The Company has maintained a full valuation allowance against the total deferred tax assets for all period due to the uncertainty of future utilization.